Tourlite Capital Management, an investment management firm, released its first quarter 2025 investor letter. A copy of the letter can be downloaded here. Markets were under pressure during the first quarter due to Trump’s tariff announcement. The increased uncertainty following Liberation Day led to significant declines in several of the fund’s event-driven and value positions. Tourlite Fund, LP returned -4.6% for the first quarter of 2025. Since its inception, the fund has achieved annualized returns of 7.5%, compared to 9.0% and 0.5% for the S&P 500 and the Russell 2000 Indexes,...
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